What is the best way to convert LP's to CD's?

I'm getting ready to purchase a new Dell computer. I would like to convert some of my LP collection to CD for the conveniance. Besides a sound card do I need any other equipment? What do you all use and recommend? What types of CD\R or CD\RW sound better? Will I need some type of DAC to convert the analag to digital? I'm new to this process. Please let me know.